US Senators Voice Concern Over Fidelity’s 401k Bitcoin Plan; Crypto Market Falls

US Senators Elizabeth Warren and Tina Smith have expressed their deep concerns over Fidelity’s Bitcoin (BTC) 401k pension plan. They have said in their letter to Abigail Johnson, CEO, Fidelity, that crypto might be too risky an investment option for retirement savers.

Click here to read more about Fidelity’s Bitcoin pension plan.

The Indonesian government has decided to impose a capital gains tax of 0.1 per cent and value-added tax (VAT) on all crypto sales and purchases, respectively, effective 1st May 2022. 

Cryptocurrency Prices

The global crypto market cap decreased by 2.92 per cent to $1.53 trillion at 8.50 am. However, the global crypto volume was up by 11.88 per cent to $98.53 billion, as per Coinmarketcap data. 

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $33,573.69, lower by 2.56 per cent in the last 24 hours. Ethereum (ETH) was also trading lower by 4.02 per cent at $2,442.38.

Among other major coins, Cardano (ADA) was down by 3.43 per cent at $0.7151, Algorand (ALGO) was trading with a loss of 1.91 per cent at $0.73, Binance Coin (BNB) was down by 2.21 per cent at $349.43, Solana (SOL) was trading with a loss of 3.23 per cent at $74.37, and Polkadot (DOT) was also down by 3.88 per cent at $12.92.

Today’s top gainer was CenterPrime (CPX), which was up by 794.58 per cent at $2.78. The top loser was Vexchange (VEX), which was down by 84.28 per cent at $0.3052.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 2.97 per cent at $0.122. Its volume to market cap ratio stands at 0.07081. Rival Shiba Inu (SHIB) was down by 3.32 per cent at $0.00001807.

Dogelon Mars (ELON) lost 12.99 per cent to trade at $0.0000006926, Floki Inu (FLOKI) lost 5.14 per cent at $0.00001273, and Samoyed Coin (SAMO) was down by 4.15 cent at $0.01132. 

In the DeFi segment, YFI (yearn.finance) was down by 3.95 per cent at $15,260.72, Terra (LUNA) was trading with a loss of 6.68 per cent at $60.50, Avalanche (AVAX) lost 4.61 per cent at $50.30, Uniswap (UNI) was down by 0.22 per cent to trade at $6.93, and Aave (AAVE) fell 5.84per cent to trade at $121.32.

Latest Update

Hestu Yoga Saksama, director of tax regulations for the Ministry of Finance Indonesia, explained the rationale behind the taxation of cryptos in an interview with CNN Indonesia. He said that the Bank of Indonesia and the Ministry of Trade consider crypto as a commodity and not a means of payment or currency. Hence, VAT is being charged for its purchase and capital gains tax on its sale.

US Senators Warren and Smith have questioned the rationale behind Fidelity offering Bitcoin as a 401k pension investment option. In a letter addressed to Fidelity’s CEO, they wrote, “Investing in cryptocurrencies is a risky and speculative gamble, and we are concerned that Fidelity would take these risks with millions of Americans’ retirement savings,” reported the Wall Street Journal.